Wedbush Increases Shopify (SHOP) Price Target to $200.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by equities researchers at Wedbush from $177.00 to $200.00 in a report released on Monday, The Fly reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Wedbush’s price objective suggests a potential upside of 13.93% from the stock’s current price.

A number of other analysts have also recently weighed in on SHOP. Rosenblatt Securities set a $190.00 target price on shares of Shopify and gave the stock a “buy” rating in a report on Friday, October 26th. Macquarie set a $185.00 target price on shares of Shopify and gave the stock a “buy” rating in a report on Friday, October 26th. Royal Bank of Canada increased their target price on shares of Shopify from $157.00 to $159.00 and gave the stock a “sector perform” rating in a report on Saturday, October 27th. Zacks Investment Research reissued a “buy” rating and set a $145.00 target price on shares of Shopify in a report on Thursday, November 15th. Finally, Wells Fargo & Co initiated coverage on shares of Shopify in a report on Tuesday, December 18th. They set an “outperform” rating and a $175.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $169.86.

Shares of NYSE:SHOP opened at $175.55 on Monday. The firm has a market cap of $18.66 billion, a price-to-earnings ratio of -417.98 and a beta of 1.51. Shopify has a 1-year low of $112.50 and a 1-year high of $180.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.82 and a current ratio of 11.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 12th. The software maker reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.32. The company had revenue of $344.00 million for the quarter, compared to analysts’ expectations of $327.45 million. Shopify had a negative net margin of 6.93% and a negative return on equity of 4.26%. The firm’s revenue was up 54.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 earnings per share. As a group, equities research analysts anticipate that Shopify will post -0.63 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. We Are One Seven LLC acquired a new stake in shares of Shopify in the 4th quarter worth about $27,000. Mackey Komara & Dankovich LLC acquired a new stake in shares of Shopify in the 4th quarter worth about $28,000. Optimum Investment Advisors acquired a new stake in shares of Shopify in the 4th quarter worth about $28,000. Quad Cities Investment Group LLC acquired a new stake in shares of Shopify in the 4th quarter worth about $28,000. Finally, North Star Investment Management Corp. increased its holdings in shares of Shopify by 90.9% in the 4th quarter. North Star Investment Management Corp. now owns 210 shares of the software maker’s stock worth $29,000 after acquiring an additional 100 shares during the period. 62.28% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

Read More: How Investors Use a Balance Sheet

The Fly

Analyst Recommendations for Shopify (NYSE:SHOP)

Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply